Market quickly pull back from yesterday projection 1798.5 zone and fill the opening gap. The intraday price structure found support at 50% retracement level (left chart) and close at mid of intraday range.
With Dow trading at 8 months high, FKLI expect to retest 1800 zone. Trader please aware that the current FKLI vs Dow correlation at only 20% positive related....
Market arguably the latest development likely to be less intense than actual feared. Market have adapt US-China tariff war with quick rebound on yesterday.
FKLI found support at 50% retracement level 1781 (left chart) and coincidentally projection of down swing at 1782 (right chart). FKLI quickly rebound following regional sentiment like Dow & Hang Seng during...
In Daily chart (left chart), current price did not breakup 1804, this suggest the market remain in correction zone while bias to the downside. The current rally will be reverse if price trade below 1793.5. With Dow trading near 1% below Friday 17:15, FKLI likely to open gap down.
Stay Tune for price projection after first swing has formed. Trader please watch out...
On yesterday post, crucial support 1767.5 have prove valid by price action, as rebound breakup correction zone 1776.5 to 1784, the rebound will be a stronger one.
Price should approach 1789 to 1804 zone in short term. 1792 will be resistance.
FKLI correction come to crucial support level (see left chart arrows), trader please monitor this price level for clues of direction, below 1767.5 will see market continue selling to 1729.5 As higher timeframe suggest on the left side, the market trading in correction phase.
If market rebound from 1767.5, the resistance to be see between 1776.5 to 1774. Price...
FKLI have not moving our from range 1785 - 1796 since 5 Sep. In the daily chart, this price zone was crucial support at 61.8% of previous impulsive swing. In FBM KLCI chart, price did not breakaway the 61.8% (1794). Expecting FKLI to continue sideway until breakout from the range. While without higher high set up, the entire picture remain bearish.
FKLI for the time being is losing momentum towards the upside as long as prices below the green color trendline.
As traders, had you prepared for this potential outcome?
